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Chore Magnets – A Creative Chore Chart

We’re big fans of having kids do chores just as a way to “pull their own weight” around the house – but we’re also fans of having extra chores available to earn some spending money, or some other privileges.  Chore Magnets are a great way to get your kids motivated into taking on some bonus jobs around the house. Here’s how it works: Make a list of jobs you’d like done around the house.  Some …

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Too Hard to Teach Kids About Money? Give Up!

Recently I read a story in the Huffington Post that made me cringe with disbelief.  The article was about teaching kids to manage money and on some points I could agree.  But then she made the following comment about parents who forget to give an allowance on a regular basis: “So, skip the guilt trips and stop trying. How about this radical thought: When your kid needs money for something that you know he needs …

Teaching Kids to Save Money

So you’ve been teaching your kids to save money: what do you do when they want to take money out of savings?  There’s a couple of key issues here: What should they be able to spend savings on? How much should they be able to take out of savings? How will they ever accumulate savings, if they’re spending their savings? We’ve come up with a plan that addresses all of these, and I’ll share the …

Avoid Stress by Budgeting Time this Christmas

This is a trying time of year. We’re spending time with family, we’re entertaining friends, and we’re buying and giving gifts. In short, it’s really tough to make ends meet in November and December. And you think I’m talking about money, don’t you? I’m not talking about money, I’m talking about budgeting time. In a way, making smart money decisions is actually easier this time of year than making smart use of our time. It’s …

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Money Abuse Under the Tree

What Christmas Presents Teach Kids About Managing Money  I know this isn’t going to be a popular post, but in all honesty, I’ve gotten past the point of caring.  This has to be said. It is no secret I are worry about the financial future of a whole lot of kids who don’t seem to understand the first thing about managing money.  For years I have associated the market crash of 2008 as the event …

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Age-Appropriate Ways to Teach Kids About Money (part 2)

Last week, I started looking at twelve age-appropriate ways to teach kids about money from Mint.com – this week, I’ll finish off the list. The key idea to remember here is that it’s important to have conversations with your kids, and involve them in activities that will help them learn — but there’s a definite order to things, and taking these lessons in the right order will really help cement the lessons in their minds. …

Age-Appropriate Ways to Teach Kids About Money

When you want to teach kids about money, it’s important to think about the audience first: what are your kids ready to learn?  It’s not enough to engage in conversation and teaching; your kids have to be ready to learn what you’re trying to teach. We recently came across an article from Mint.com (a really great site in its own right) that resonated with us.  It echoes a lot of  the teachings we’ve been writing …

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Timely Conversations About Money

Parents have lots of “timely conversations” with their kids, at key points while they’re growing up — but what about conversations about money?  Eventually, they have the talk about plans for the future – career plans, ideas about college, and financial planning. Where does a parent even start on this path? Think about the most financially successful people you know in life. Chances are, those people didn’t get to where they are simply by figuring …

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How a Gas Station Created Halloween Costume Victory

Having kids who understand basic money management is something I frequently take for granted.  This week, Halloween week, was a perfect reminder. Last week our family was road tripping home from a dual-family vacation in Florida when we found ourselves at a very unique gas station in Mississippi.  As road trippers, we’ve come across all types of gas stations in our travels, but this one stood out.  Its first stand apart feature was the lone …

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All Things in Good Time

I recently came across the article, “Three Smart Ways to Teach Kids About Money from a Former Goldman Banker.”  http://www.businessinsider.com/daughter-of-former-goldman-banker-asks-for-allowance-2013-10 As in, Goldman Sachs – my first thought was, “oh, this will be good.”  The article didn’t disappoint. First, the author decides to introduce his eight-year-old to stock investing — before he introduces her to an allowance.  He’s definitely got things in the wrong order here. Next, he talks about running a month-long compounding interest …